Pipe making isn't really a business you can just 'start' it isn't just a question of getting the right tools and materials and off you go - you have to be able to make pipes and the fact that you are asking about tools and machinery suggests you haven't yet begun. I would suggest you start by learning to make pipes and then come back in a few years time and ask about starting a business. There are more pipe makers and would be pipe makers around now than there have ever been so you really need to know what you are doing.

However you learn your trade, you'll spend a good while making tools, preparing wood and seasoning wood.
You might be working for several months up to a year without any income so be prepared for that.
You can make an ok living but be ready to spend 50+ hours per week working alone so take up a hobby that gets you out of the workshop. Golf, darts, book club, whatever, you'll need something for your sanity.
It can get lonely but you'll have people stopping by from time to check out your work so try to have at least a finished practice set available for people to try, although it's not financially viable to have finished instruments laying around.